Last night, Councilmembers from the City of Sacramento took the exciting step of approving Property Assessed Clean Energy (PACE) financing in the district. The City will be signing a five-year contract with Ygrene Energy Fund to develop and administer the program, and Octus is excited to be playing an integral role in the Program.

Sacramento is one of just a few cities leading the way in the area of energy efficiency by making it more affordable. PACE financing provides property owners a means of implementing energy efficiency, water efficiency, and renewable energy generation measures with no up-front cost; the improvements are paid back over time as a property tax assessment. The Sacramento program will be rolling out to commercial property owners only at this time, though staff has been asked to explore what a pilot residential program might entail over the comings months.

Sacramento Mayor Kevin Johnson voiced his excitement about the coming PACE program, noting:

This is a big deal for Sacramento, what I believe will be remembered as a tipping point for our economy… Ygrene, Octus and Barclays Capital can help us achieve a triple bottom line: Create jobs, slash utility bills, and reduce our carbon impact. With the deployment of $100 million in private capital and the engagement of local companies like Octus to drive investment, Sacramento is on pace be one of the most sustainable, green cities in the country.

Octus’ CEO Chris Soderquist commended the City on its leadership in this area:

City staff and elected officials should be commended for their vision and leadership… PACE financing will enable Sacramento property owners and contractors to implement clean energy projects. Our collaboration with Ygrene will be a vital component of the program’s success, evidencing how Octus’s PACEWorks platform fuses private capital and clean energy technologies to make PACE a reality.